North Korea has become the third-largest holder of Bitcoin following a $1.5 billion theft from Bybit. The Lazarus Group holds 13,521 BTC, with only the U.S. and U.K. possessing more. Most stolen assets were in ETH, which were laundered and converted to Bitcoin. The group continues to target exchanges and has a long history of cryptocurrency-related cybercrime.
In a recent development, North Korea has ascended to third position as the largest holder of Bitcoin, primarily due to the theft of $1.5 billion in cryptocurrency from the Bybit exchange last month. The Democratic People’s Republic of Korea (DPRK) is now surpassed only by the United States and the United Kingdom in terms of Bitcoin accumulation.
According to Arkham Intelligence, a firm specializing in the analysis of anonymous cryptocurrencies, the Lazarus Group, a North Korean hacking organization, possesses 13,521 BTC valued at approximately $1.14 billion. In comparison, the United States holds 198,109 BTC, while the United Kingdom has 61,245 BTC, largely obtained through the confiscation of illicit funds.
The cryptocurrency stolen from Bybit was predominantly in Ethereum (ETH), which was subsequently converted to Bitcoin. Notably, the laundering process occurred through the THORChain protocol, generating $5.5 million in commissions. Prior to conversion, Lazarus hackers possessed a greater amount of ETH than both Vitalik Buterin and the Ethereum Foundation.
Following the Bybit incident, Lazarus Group targeted a service related to the OKX exchange, resulting in the temporary suspension of the DEX aggregator for critical updates to address security vulnerabilities. This group has been responsible for some of the largest cryptocurrency thefts in history, including a $1.34 billion heist last year, which constituted 61% of all cryptocurrencies stolen in 2024.
For over a decade, North Korean hackers have been linked to cybercrime associated with cryptocurrencies, with the proceeds believed to be utilized for bolstering the DPRK’s military and armament capabilities.
The rise of North Korea to the third-largest Bitcoin-holding nation, primarily driven by recent cyber thefts, underscores the ongoing threat posed by state-sponsored hacking groups like the Lazarus Group. The scale of these operations not only affects the cryptocurrency market but also raises concerns about the funding of military initiatives through illicit activities.
Original Source: itc.ua
